If you’re in the market for a new roof, there are many benefits to financing your replacement. A new roof can boost the resale value of your home, protect against weather damage, and increase energy efficiency––saving you money in the long run. Even though a new roof comes with an expensive price tag, there are many good financing options that can make your roof more affordable:
Paying for a New Roof
Roof financing is critical if you don’t have the total funds available for your Michigan roofing repairs or replacement. As the cost of a new roof is over $8,000 on average, paying for one with cash can make a significant dent in your long-term savings goals. Financing your roof replacement can help you save money in the long run by spreading the total cost out over time, instead of paying it all at once.
Roof Financing Options
There are many roofing financing options, each with benefits and negatives. Before making a financial commitment, research all the loan types, so you choose the right one for you and your home situation. Here are a just few of the options available to you:
- HELOC – You can always take a home equity line of credit (HELOC) on your property to finance a roof replacement. However, you will need equity in your home prior to paying for your new roof this way.
- Personal Loan – With a personal loan, you can plan on getting the total lump sum once approved for the loan. You’ll then repay the total cost to your lender in fixed monthly installments.
- FHA Loan – An FHA loan allows you to borrow up to $35,000 with a low interest rate, comparable to a personal loan or HELOC.
Financing through Your Roofing Company
One of the easiest ways to finance your roof replacement is through your roofing company. Some companies offer payment plans that allow you to spread out roofing payments over time. This helps make the cost more affordable for customers who might not otherwise have been able to afford the expense. Many people find it convenient because they don’t have to worry about getting their entire payment together before the job starts—they only need enough money on hand for each monthly installment. When choosing this option, however, consider whether it’s worth paying interest on top of what you owe.
At Herbert Roofing, we offer competitive payback terms so homeowners can affordably get their roofs replaced while still paying off their bills each month––no matter where they live in Michigan!
How to Save on a New Roof
Looking to save on your roof replacement? You’re in luck. Here are our best tips to cut your costs and pay less overall:
- Shop Around for the Best Deal – Never take the first offer. You may be able to find a better price by shopping around to all your local roofing contractors and companies. Plus, you’ll have negotiating power!
- Consider Cheaper Materials – Some materials are more expensive than others. Slate or tile roofs can cost thousands more than asphalt shingles, and still offer great protection and durability.
- Purchase During the Off-Season – Winter and early spring are typically the slow season for home improvement projects. You’re likely to get lower prices during these periods compared to summer months.
If you’re looking to purchase a new roof, financing it is an excellent option. You can get a brand-new roof without having to worry about paying for it all at one time, which can increase your financial stability.
Contact our experts at Hebert Roofing with your financing questions and start your new roofing project today.
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